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FTLife outperforms the market during first half of 2017 and leads by launching innovative and competitive products

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- FTLife Insurance Company Limited ("FTLife") announced a 14% rise in gross written premium for the first half of 2017, along with year-on-year APE growth of 26% at a time when the market grew by just 0.3%.

Senior management at FTLife told the media how these impressive business metrics resulted from innovative and competitive products, as well as strong support from parent company JD Group.

FTLife Asia CEO Lennard Yong said: "Together with our parent company JD Group, we have formulated a 'value growth' strategy with clear development objectives for the next three years. The results for the first half of 2017 prove the company is in good shape, bolstered by strong sales of our flagship product Regent Insurance Series, as well as ongoing improvement in terms of operational support and productivity."

Chief Product Officer Christine Yeung said: "In just a year after rebranding, FTLife is causing a sensation in the market by launching savings and protection products with pioneering features. In fact, our signature Regent Insurance Series and "HealthCare 168" Critical Illness Protector have been warmly welcomed by the market."

According to statistics from the Insurance Authority, more than 80% of new regular premium business consists of policies with a payment term of less than 10 years, reflecting strong demand for short-to-medium-term savings products. FTLife's Regent Insurance Series is based on the Chinese tradition of family succession because it provides the flexibility for policy-owners to hand their legacy to the next generation. This is made possible by provision of protection up to the age of 128. Policy-owners can pass down the legacy in the form of instalments or a lump-sum payment. This product serves as a new method of wealth management and succession planning, while providing agility in wealth allocation and outstanding benefits for the insured.

The Insurance Authority statistics also show an 11% increase in new business for policies with a payment term of at least 10 years, indicating a rising need for protection products with longer payment terms. FTLife's "HealthCare 168" plugs the gap by offering three first-in-market advantages: (1) The most comprehensive protection in town -- full coverage against 168 illnesses (2) Up to 160% of the sum insured in respect of respiratory diseases, and (3) All future premiums waived after diagnosis and claims made in respect of Severity Level 2 or 3 critical illnesses. The plan also provides multiple protection for cancer, strokes and heart attacks with short waiting periods, as well as a guaranteed cash value and terminal dividend for wealth accumulation.

Chief Marketing Officer Angela Yam said: "In addition to premium refunds, successful applicants during the HealthCare 168 promotional period can also get a free DNA test or physical check-up. This will enable them to better understand their health status in the best interests of planning healthy lives at the earliest opportunity."

Lennard Yong added: "Drawing on JD Group's technological and investment expertise, we will continue to enhance existing distribution channels with new capabilities and new customer-centric product suites. In fact, we aim to develop FTLife into an excellent international insurer that flourishes in Hong Kong as a customer-focused operation, makes inroads into mainland China and expands throughout Asia."

Keywords for this news article include: FTLife, Insurance Companies.

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